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The first iPhone lacked 3G connectivity, had a poor battery and sported only a two-megapixel camera. And we were still a year away from the introduction of the App Store, where developers distributed their mobile apps with Apple taking a cut of the revenue. Now, the services revenue is a major component of Apple, which earned the company $24.3 billion last year alone.

The rumored iPhone 8, which is expected to hit stores this fall, may have 3D mapping sensors, a new LED display and support for "augmented reality" apps.